I use those with synthetic coolant, work just fine. Lenox Band-Ade @ 20:1. The spray tip unscrews, easy to tweak it for a stream instead of a mist. And all-metal so won’t melt from stray grinding sparks and minor explosions. With some thrift store searching I found a glass bottle with the same thread and use the bottle instead of the brass canister. I can see the fluid level without having to unscrew the pump.
I bet it works just fine with oil, the pump mechanism is very simple and is a positive displacement design so should be immune to viscosity effects.